General operating fund analysis report for september 2013
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General Operating Fund Analysis Report for September, 2013. Prepared by: Karen Obratil, Treasurer/CFO October 28, 2013. Monthly Revenue by the Numbers. Monthly Revenue – September . FY14 = $2.4M. Forecast = $2.7M. FYTD Revenue by the Numbers. FYTD Revenue (July - September).

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General Operating Fund Analysis Report for September, 2013

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General operating fund analysis report for september 2013

General Operating FundAnalysis Report for September, 2013

Prepared by: Karen Obratil, Treasurer/CFO

October 28, 2013


Monthly revenue by the numbers

Monthly Revenue by the Numbers


Monthly revenue september

Monthly Revenue – September

FY14 = $2.4M

Forecast = $2.7M


Fytd revenue by the numbers

FYTD Revenue by the Numbers


Fytd revenue july september

FYTD Revenue (July - September)

$16,345,415

95.6%

7.91%

86.25%

89.8%

89.8%

91.3%


Monthly expenditures by the numbers

Monthly Expenditures by the Numbers


Monthly expenditure september

Monthly Expenditure - September

FY14 = $3,380,213

Forecast = $3,371,348


Fytd expenditures by the numbers

FYTD Expenditures by the Numbers


Fytd expenditures july september

FYTD Expenditures(July - September)

$9,119,095

73.63%

83%


Bottom line cash balances 9 30

Bottom Line Cash Balances – 9/30


Bottom line graphics

Bottom Line - Graphics

$9.1M

$9M


What s included in the financial forecast

What’s included in theFinancial Forecast?


Total revenue 40 726 704 excludes other financing sources

TOTAL REVENUE = $40,726,704(Excludes Other Financing Sources)


Tax revenue 70 8 of total operating revenue

Line 1.010 – General Property Tax (Real Estate)

66.6% of Total Operating Revenue

Real property is divided into two classes:

Class I – Residential and Agricultural

Class II – Commercial and Industrial

Line 1.020 – Tangible Personal Property Tax

(Public Utility Taxes)

4.2% of Total Operating Revenue

Tax Revenue = 70.8% of Total Operating Revenue


Tax revenue estimate for fy14

Tax Revenue Estimate for FY14

Res/Ag$750,842x 28.94 = $21,727,720

C/Ind$153,156x 30.84 = 4,722,922

P/U $25,931x 61.56 = 1,596,332

Inside Millsx 4.97 = 4,624,378

Tax Revenue estimate = $32,671,352


Other local revenue 3 8 of total revenue

Other Local Revenue = 3.8% of Total Revenue

  • Interest Earnings on Investments

  • Tuition(from other districts and kindergarten)

  • Pay to Participate Fees

  • School Fees

  • Rentals

  • Administrative Fees for Auxiliary Service

  • Payment In Lieu of Taxes (PILOT)

  • Miscellaneous


State revenue 25 4 of total revenue

State Revenue = 25.4% of Total Revenue

Line 1.035 - Unrestricted Grants-in-Aid 11.5% of Total Revenue

School Foundation program

Line 1.040 – Restricted Grants-in-Aid

Catastrophic Aid for special education students

Line 1.050 – Property Tax Allocation 13.8% of Total Revenue

Percentage of individual property tax bills paid by the State

12.5% of taxes due on all residential/agricultural property

also includes tangible personal property replacement revenue.


Other financing sources

Other Financing Sources

Line 2.040 - Operational Transfers-in

Money transferred from other funds into the General Fund.

Line 2.050 – Advances-in

Money returned to the General Fund for repayment of advances from other funds

Line 2.070 – All Other Financing Sources

Refunds of prior year expenditures


Total expenditures 38 887 434 excludes other financing uses

TOTAL EXPENDITURES = $38,887,434(Excludes Other Financing Uses)


Personal services line 3 010 51 5 of total expenditures

Personal Services – Line 3.01051.5% of Total Expenditures

  • Employee Salaries

  • Classified Substitutes

  • Supplementals

  • Overtime

  • Termination Payments (Severance)

  • Board Members

  • Student Workers


Employees retirement insurance benefits line 3 020 20 6 of total expenditures

Employees’ Retirement/Insurance Benefits Line 3.020 (20.6% of Total Expenditures)

  • Retirement – 14% of employees’ salaries

  • Medicare – 1.45% of employees’ salaries

  • Workers’ Comp rate – .008421

  • Insurance Premiums

    • Medical : 94% Single, 88% Family

    • Dental

    • Vision

    • Life – 100%

    • Board paying 80% for Administrators

  • Unemployment Compensation


Board cost for insurance benefits

Board Cost for Insurance Benefits

Family

Medical (SuperMed+)$1,315.86 (renewal 7/14)

Dental $146.98

Vision $38.95

Life 4.66

Total Family $1,506.45 ($18,077.40 annual*)

*Monthly premium holidays July and August, 2013.

Single

Medical (SuperMed+) $560.19

Dental $78.21

Vision $15.41

Life 4.66

Total Single $658.47 ($7,901.64 annual*)


General operating fund analysis report for september 2013

Annual Insurance Costs

$4,070,000


Purchased services line 3 030 18 9 of total expenditures

Purchased Services – Line 3.03018.9% of Total Expenditures

  • Utility Costs

    (electricity, natural gas, trash removal, telephones, water & sewer)

  • Transportation Services (Petermann)

  • Teacher Substitutes (Rachel Wixey Associates)

  • Legal Fees

  • Health Services (PSI)

  • Professional Meetings

  • Special Education Transportation

  • Special Education Tuition to Other Districts

  • GAAP Conversion

  • Legal Advertisements

  • Repairs & Maintenance (buildings & vehicles)

  • Data Processing (NEONET) and Technology (Smart Solutions)

  • Fleet and Property Insurances


Supplies materials line 3 040 5 of total expenditures

Supplies & Materials – Line 3.0405% of Total Expenditures

  • Core curriculum materials

  • Instructional materials

  • Textbook Replacements

  • Technology supplies and software

  • Custodial supplies

  • Maintenance supplies

  • Fuel

  • Library books

  • Administrative supplies


Capital outlay line 3 050 1 3 of total expenditures

Capital Outlay – Line 3.0501.3% of Total Expenditures

  • New Equipment

  • Replacement Equipment

  • Technology

  • Site Improvements

  • Classroom Furnishings

  • Maintenance vehicles

  • Vans


Other objects line 4 300 2 7 of total expenditures

Other Objects – Line 4.3002.7% of Total Expenditures

  • Summit County Auditor and Treasurer Fees

    Fees are assessed based on approximately 1.5% of the tax collections.

  • Summit County Land Bank fees

  • Summit County ESC fees

    Fees for services provided by the Summit County Educational Service Center.

  • Election Costs

  • Delinquent Tax Assessment Fees

    Fees are approximately .2% of tax collections

  • Liability Insurance

  • State Administrative fees

    Fees are assessed based approximately 1% of rollback and homestead collections.

  • Professional membership fees

  • Bank fees

  • State Auditor fees


Hb264 energy conservation project

HB264 Energy Conservation Project

  • $729,743.96 Energy Conservation Improvement Bonds, Series 2013 issued to pay for project on September 11, 2013.

  • Bonds purchased by First Merit Bank at 3.39% interest.

  • Interest and principal payments are considered a transfer

  • in the Forecast since this is a general fund debt obligation.

  • The money from the energy savings will be transferred to

  • the bond retirement fund to pay the interest and principal

  • payments in June and December.


Other financing uses

Other Financing Uses

Line 5.010 – Operational Transfers-Out

Money transferred into another fund.

Line 5.020 – Advances-Out

Money temporarily advanced to other funds


What s changed since the may 2013 forecast update

What’s changed since the May 2013 Forecast Update?


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